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"We have made significant changes to the proposed rule to ensure that our rule will be applied in a manner that aligns with the intent of the Congress and the Dodd-Frank Act,” Federal Reserve Chair Janet Yellen said. (Credit: AP)

Federal Reserve Rule Limits Emergency Lending Powers

The Federal Reserve on Monday put in place a Dodd-Frank Act-mandated rule that would restrict its ability to lend to banks in a crisis, including a requirement that any false statements made by an individual or firm to get such loans be referred to law enforcement agencies.

  • China Probes 3 Brokerages In Margin Finance Crackdown

    Chinese securities regulators have commenced investigations into three top brokerages, Citic Securities Co., Haitong Securities Co. and Guosen Securities Co., over suspected violations of rules on margin financing and short-selling, according to filings made by the firms on Sunday.

  • Incompetence Claims Motivated By Money, Redstone Attys Say

    Media mogul Sumner Redstone's attorneys fired back in California court Wednesday at a lawsuit filed by his ex-caretaker Manuela Herzer claiming he's a “living ghost” who can no longer care for himself, saying Herzer's bid for reinstatement as his health care agent is about “her personal financial agenda.”

  • GM Ruling Shows Atty-Client Shield Tough To Pierce

    A New York federal court's ruling that communications between General Motors and its outside counsel King & Spalding over ignition switch-related settlements are privileged documents is a significant decision that shows the crime fraud exception to attorney-client communications cannot be invoked without evidence that a defendant's attorneys had a role in the alleged fraud. 

  • Fed. Circ. Rules PTAB Wrongly Axed Teleconferencing Patent

    The Patent Trial and Appeal Board used an incorrect claim construction when it invalidated many claims of Straight Path IP Group Inc.'s online communication patent, the Federal Circuit ruled Wednesday in a rare instance of the court faulting the PTAB in an inter partes review.

  • NY Judge Promises Quick Ruling On DraftKings, FanDuel Ban

    A Manhattan trial judge held off Wednesday on New York State Attorney General Eric Schneiderman's bid to have daily fantasy sports giants DraftKings and FanDuel shut down pending the outcome of state lawsuits charging they promote illegal gambling, but said a decision would come "very soon."

  • Columbia House Pushes Back Against Objections To Sale Plan

    Columbia House's corporate parent defended the potential sale of the once-popular music club to an affiliated company called Edge Line Ventures on Tuesday after unsecured creditors filed papers in New York federal court accusing executives of having used the business as a “personal piggy bank” before it fell into bankruptcy.